Analysis: If Bitcoin Breaks Through $72,000, It Could Rapidly Rise to $80,000

BlockBeats News, March 4 — According to CoinDesk, the $72,000 to $80,000 range for Bitcoin is a supply-scarce zone. Data from Glassnode shows that within this range, the last traded amount of Bitcoin was relatively low. Only about 1% of circulating Bitcoin is in this price range. Since few holders have positions established in this zone, if the price begins to break through it, market resistance may be limited. In fact, this suggests that if Bitcoin successfully breaks above $72,000, the move toward $80,000 could happen relatively quickly. Historically, trading within the $72,000 to $80,000 range has been very short. In November 2024, after Trump won the U.S. presidential election, Bitcoin's price surged rapidly, almost without forming significant trading volume in that range. Earlier this year, Bitcoin dropped from about $80,000 at the end of January to $70,000, then further declined to around $60,000 on February 6, with this decline completed within a few days. Supply dynamics can be observed through Glassnode’s Unrealized Price Distribution (URPD) indicator. URPD shows the price levels at which unspent transaction outputs (UTXOs) were last moved, effectively mapping the purchase costs of current Bitcoin holders. CoinDesk Research notes that during Bitcoin’s recent consolidation between $60,000 and $70,000, over 400,000 BTC were absorbed, indicating strong support below the current price.